Annual Report 2011 - Hong Kong Monetary Authority

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Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence. In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of financial statements according to the instructions of the Board of Directors. We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. PricewaterhouseCoopers SA Philippe Bochud Alain Lattafi Audit Expert Audit Expert Auditor in charge Geneva, 22 March 2012 FINANCIAL REPORT BPER ACCOUNTS 109
Balance sheet before profit appropriation at 31 December 2011 (in thousands of CHF) Assets 110 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA Notes 2011 2010 Change (in CHF ‘000) (in %) Cash and other liquid assets 2,240,464 154,847 2,085,617 1,346.9 Claims arising from money market paper 17,024 117,445 (100,421) (85.5) Due from banks 1 3,031,382 3,551,089 (519,707) (14.6) Due from customers 497,644 747,608 (249,964) (33.4) Mortgage loans 10,627 13,437 (2,810) (20.9) Total advances to customers 508,271 761,045 (252,774) (33.2) Securities and precious metals held for trading purposes 2 16,848 18,044 (1,196) (6.6) Financial investments 3 934,504 660,082 274,422 41.6 Holdings 4 223,387 222,426 961 0.4 Fixed assets 5 166,716 92,295 74,421 80.6 Accrued income and prepaid expenses 21,647 18,939 2,708 14.3 Other assets 6 283,084 281,893 1,191 0.4 Total assets 7, 14 7,443,327 5,878,105 1,565,222 26.6 Subordinated amounts receivable - - - - Amounts due from Group companies and qualifying shareholders 4, 11 253,508 381,250 (127,742) (33.5) Liabilities Liabilities arising from money market paper 33 57 (24) (42.1) Due to banks 670,861 458,252 212,609 46.4 Other amounts due to customers 8 5,459,098 4,142,153 1,316,945 31.8 Total due to customers 5,459,098 4,142,153 1,316,945 31.8 Accrued expenses and deferred income 75,168 70,423 4,745 6.7 Other liabilities 9 294,934 305,755 (10,821) (3.5) Valuation adjustments and provisions 10 180,455 174,349 6,106 3.5 Reserves for general banking risks 10 50,000 50,000 - - Share capital 11 45,000 45,000 - - General statutory reserve 119,385 119,385 - - Other reserves 435,561 403,076 32,485 8.1 of which: - treasury stock 53,304 53,249 55 0.1 Net profit brought forward 11,281 11,191 90 0.8 Net profit for the year 101,551 98,464 3,087 3.1 Total shareholders’ equity before profit appropriation 11, 12, 13 762,778 727,116 35,662 4.9 Total liabilities 14 7,443,327 5,878,105 1,565,222 26.6 Subordinated liabilities - - - - Due to Group companies and qualifying shareholders 4, 11 646,924 468,544 178,380 38.1
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Annual Report 2011
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Contents 6 20 Banque Privée Edmond
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Banque Privée Edmond de Rothschild
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1 4 1 Odéon, Théâtre de l’Euro
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within our group, which have develo
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Is this the end of the market econo
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dangerous to bet on bureaucracy as
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SENIOR MANAGEMENT Head Office Execu
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BRANCHES In Switzerland Fribourg Se
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Social Entrepreneurship Economic te
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Corporate governance Introduction O
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1.1.2. / 1.1.3. Group legal structu
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2.6. Transferability restrictions a
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1965-1996 First Vice-President, the
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Jean Laurent-Bellue Member, French,
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3.2. Other activities and vested in
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3.5. Powers The Board of Directors
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4. Executive Committee The Executiv
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Jean-Pierre Pieren Member, Swiss, 1
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Present duties Since 1988 Chief Fin
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5. Remuneration, profi t-sharing an
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This scheme was implemented for a f
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7. Take-overs and defensive measure
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9. Information policy Banque Privé
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Intercultural Dialogue Too often, p
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Key fi gures Banque Privée Edmond
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Awards 2011 in Milan and Large Fund
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esources of institutional clients i
Page 60 and 61: Outlook for 2012 2012 will be marke
Page 62 and 63: Report on other legal requirements
Page 64 and 65: Abroad Banks Banque Privée Edmond
Page 66 and 67: Prifund Conseil SA Luxembourg 3) 10
Page 68 and 69: Dividends are eliminated through re
Page 70 and 71: Personnel welfare liabilities Contr
Page 72 and 73: Consolidated balance sheet at 31 De
Page 74 and 75: Consolidated cash fl ow statement a
Page 76 and 77: - The Risk Manager sees to it that
Page 78 and 79: 2011 2010 Change (in CHF ‘000) (i
Page 82 and 83: Forex adjustments Redesignations In
Page 84 and 85: Situation at end-2010 Uses and rele
Page 86 and 87: 2011 2010 (in CHF ‘000) (in CHF
Page 90 and 91: 22 Breakdown of consolidated assets
Page 94 and 95: (Note 26 cont’d) 2011 2010 Positi
Page 98 and 99: 2011 2010 42 Earnings per share Gro
Page 100 and 101: Health and Research For over a cent
Page 102 and 103: Key fi gures of Banque Privée Edmo
Page 104 and 105: Roundup of results The Bank’s net
Page 106 and 107: Elections as per our Articles of As
Page 108 and 109: Breakdown of revenues (% of total)
Page 112 and 113: Balance sheet at 31 December 2011 (
Page 114 and 115: Notes to the fi nancial statements
Page 120 and 121: Par value Number of shares 2011 201
Page 122 and 123: Loans granted to the Bank’s gover
Page 124 and 125: (Note 15 cont’d) 2011 2010 Employ
Page 128 and 129: Edmond de Rothschild Conseil et Cou
Page 130 and 131: Other Edmond de Rothschild Group co
Page 132 and 133: Other Edmond de Rothschild Group co
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Annual Report 2011 - Hong Kong Monetary Authority

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